Intraday Report: KSE-100 on track for 10th consecutive weekly gain

December 07, 2023 (MLN): The main gauge for the Pakistan Stock Exchange (PSX) rallies to another record high during intraday trade and is on track for the tenth consecutive weekly gain.

This would be the largest weekly winning streak since January 2017, when the index recorded ten weeks of gains.

The index has added 646.44 points or 1.01% DoD to trade at 64,564.17 [10:58am PST], with a traded volume of 232.541 million shares.

Pakistan's stock market has been enjoying a bullish run amid hopes of improved economic conditions following the expected inflows from IMF and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates.

The stock market benchmark index has surged by 23,111 points or 55.75% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 24,144 points, equivalent to 59.73%.

Analyst fraternity is of the view that this is expected to continue in 2024 owing to robust earnings growth, enticing valuation, and comparatively steady economic growth

In a recent development, the International Monetary Fund (IMF) and the Ministry of Finance held discussions regarding digitization of the budget process to improve its effectiveness during the kick off meeting of the IMF Technical Assistance Mission.

In today's session, the KSE-100 index is being supported by Commercial Banks with 177.66, Technology & Communication with 74.98, Oil & Gas Marketing Companies with 69.54, Fertilizer with 47.5, and Power Generation & Distribution with 40.12 points.

Companies adding points to the index are HBL with 89.69, PSO with 62.03, TRG with 35.43, PKGS with 30.79, and MARI with 26.35 points.

In the broader market, the All-Share index is at 42,956.75 with a net gain of 423.44 points.

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